Shocking: You Won't Believe How Much a Hybrid Car Can Save You on Gas
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If you're in the market for a new car, there are many factors to consider. You need a car that fits your family, drives comfortably, and won't cost you a fortune in auto insurance. And you also probably want a car that works for your budget. This holds true whether you'll be paying for a car outright or financing one.
These days, a lot of people are gravitating toward EVs for the benefit of not having to pay for gas. But if you're not ready to take that leap, you may be more inclined to go with a hybrid car.
A hybrid car will generally cost about 20% more than a gas-engined counterpart, says Edmunds. But when you factor in potential savings on gas purchases, you may find that the higher outlay makes financial sense.
How much gas savings will a hybrid car give you?
The amount your hybrid will save you on gas will hinge on different factors. These include:
Whether you mostly do highway driving or city driving
How fast you drive
Whether you maintain your car or not
Keep in mind, too, that within the category of hybrids, some cars are just plain more fuel-efficient than others. So the exact model you buy will play a role, too.
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Meanwhile, last year, Consumer Reports did an analysis that compared MSRPs for hybrid vehicles and their non-hybrid counterparts. And it found that for many popular vehicles, the gas savings from a hybrid could make up for the higher upfront cost of buying one in four to five years, assuming fuel costs of $3 per gallon.
Now when we talk about hybrid cars, we'd be remiss not to mention the Toyota Prius. The 2023 Prius is said to get 57 miles per gallon and result in $5,000 in fuel savings over five years compared to the average new vehicle. But remember, the amount of driving you do will ultimately determine your savings.
Let's say you drive 12,000 miles a year and buy a hybrid that gets 50 miles to the gallon, as opposed to a non-hybrid that only gets 25. Assuming gas is $3 per gallon your first year, you'll enjoy $720 in gas savings during that 12-month period. But these numbers will of course look different if you only drive 5,000 miles a year, or if you drive closer to 20,000 miles a year. So ultimately, if you want to know how much gas savings you can get with a hybrid, you'll need to run a calculation based on your habits and situation.
There's the convenience factor, too
In time, the higher sum you might pay for a hybrid car is money you can recoup in the form of gas savings. But remember, there's also the convenience factor to think about. If you're a busy person, not having to constantly make time to fill up your car could result in a less stressful schedule.
All told, buying a hybrid car could end up being a good choice for you. But remember that not all hybrids are created equal. Spend some time researching your options if you're eager to buy a car that will give you superior gas mileage.
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